Brokerages Set RadNet, Inc. (NASDAQ:RDNT) Price Target at $69.60

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) has been given an average recommendation of "Strong Buy" by the six brokerages that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $69.60.

RDNT has been the subject of several recent research reports. Barclays dropped their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Raymond James Financial raised RadNet from an "outperform" rating to a "strong-buy" rating and dropped their price target for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. B. Riley initiated coverage on RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price target for the company. Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Truist Financial dropped their price target on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research report on Friday, April 11th.

RadNet Price Performance

RadNet stock traded up $0.56 during mid-day trading on Friday, hitting $57.12. 581,354 shares of the company were exchanged, compared to its average volume of 688,702. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01. The business's 50 day simple moving average is $55.31 and its two-hundred day simple moving average is $60.05. The company has a market capitalization of $4.29 billion, a P/E ratio of -132.83 and a beta of 1.43. RadNet has a 12-month low of $45.00 and a 12-month high of $93.65.

Insider Activity

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the completion of the sale, the executive vice president now owns 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 2,911 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total value of $174,660.00. Following the sale, the chief operating officer now directly owns 24,889 shares of the company's stock, valued at approximately $1,493,340. This trade represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,447 shares of company stock valued at $3,613,220 over the last quarter. Company insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On RadNet

A number of institutional investors have recently added to or reduced their stakes in RDNT. American Century Companies Inc. grew its position in RadNet by 507.9% during the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock valued at $63,290,000 after acquiring an additional 1,063,516 shares during the period. Norges Bank purchased a new stake in RadNet during the fourth quarter valued at about $56,381,000. T. Rowe Price Investment Management Inc. grew its position in RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock valued at $82,417,000 after acquiring an additional 743,922 shares during the period. Alyeska Investment Group L.P. lifted its stake in shares of RadNet by 141.7% during the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock worth $60,404,000 after purchasing an additional 712,270 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of RadNet during the first quarter worth about $27,422,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.